Exchange Arrangements and Foreign Exchange Markets: Developments and Issues

March 28, 2003

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Format: Chicago

Exchange Arrangements and Foreign Exchange Markets: Developments and Issues, (USA: International Monetary Fund, 2003) accessed December 22, 2024

Summary

This paper reviews developments and issues in the exchange arrangements and currency convertibility of IMF members. Against the backdrop of continuing financial globalization and a series of emerging market crises since 1997, there have been important changes in the evolution of exchange rate regimes and the pace of liberalization of current and capital transactions among IMF member countries. There has been a shift away from intermediate regimes according to the IMF's official exchange rate regime classification system based on de facto exchange rate policies. The de facto exchange rate classification system has helped to clarify the nature and role of members' exchange rate regimes. It has facilitated discussions with country authorities about the implementation of exchange rate regimes and hence has contributed to more effective surveillance of the international monetary system. The use of exchange controls appears to have been little influenced by the degree of flexibility of exchange rate regimes or the occurrences of currency crises.

Subject: Currency markets, Exchange rate arrangements, Exchange rates, Exchange restrictions, Financial markets, Foreign exchange

Keywords: Africa, Asia and Pacific, Central Africa, Currency markets, East Africa, Exchange rate, Exchange rate arrangements, Exchange rate regime, Exchange rate volatility, Exchange rates, Exchange restrictions, Foreign exchange market organization, IMF policy advice, Intermediate regime, Market, Middle East, Predicting exchange rates, Regime, Short-run exchange rate movement, WEFS, Western Hemisphere

Publication Details

Pages:

90
Volume:

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DOI:

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Issue:

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Series:

World Economic and Financial Surveys No. 2003/017
Stock No:

WEOEA0192003
ISBN:

9781589061774
ISSN:

0258-7440

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